Despite the chill that last month’s blizzard delivered, automakers managed to shovel up record revenues in January, while consumers paid near-record amounts for the vehicles they purchased.
New vehicle buyers paid a collective $38 billion last month, the 25th consecutive month of year-over-year gains, according to tracking firm TrueCar. And while average transaction prices also jumped, they fell a bit short of the previous record, analysts noted.
“Growing transaction prices reflect growing consumer preference in trucks and SUVs,” said Tim Fleming, an analyst with Kelley Blue Book. “Consideration in thse segments also is helped by the country’s lowest gas prices since 2009, a trend which is expected to last through year-end.” (more…)